The Zhitong Finance App learned that the Prudential Supervisory Authority (PRA) under the Bank of England said on Monday that it would fine Standard Chartered Bank (SCBFY.US) of 46.55 million pounds (about 61.51 million US dollars) because the bank “failed to open up and cooperate with PRA, as well as flaws in the governance and control of specific PRA liquidity expectations.”
According to reports, this is the highest ticket issued when only PRA is enforcing the law. Sam Woods, head of PRA, said, “We expect companies to quickly notify us when there are any major issues with their regulatory reports, which Standard Chartered did not do in this incident.” “Standard Chartered's systems, controls and supervision fall far short of what we would expect from a systemically important bank.”
According to data, in October 2017, PRA stated that due to concerns about increased risk of US dollar liquidity outflows, it had implemented a temporary additional liquidity forecast for Standard Chartered Bank. The regulator said that although the bank's overall liquidity situation was still higher than its core liquidity requirements, the bank made 5 errors in reporting liquidity indicators between March 2018 and May 2019.
Standard Chartered has not commented on this.